EnPro plans to pay down debt with proceeds of Fairbanks Morse sale

By Wendy Van Sickle

Columbus, Ohio, Jan. 21 – EnPro Industries, Inc. plans to pay down a portion of its outstanding debt with proceeds of its recently completed sale of Fairbanks Morse to an affiliate of funds managed by private equity firm Arcline Investment Management for $450 million, according to a company news release.

EnPro said it plans to maintain a disciplined approach to deploying capital for increased shareholder value, which could include future acquisitions and share repurchases.

EnPro is a Charlotte, N.C.-based manufacturer of highly engineered industrial products. Fairbanks Morse develops and manufactures heavy-duty, medium-speed reciprocating engines under the Fairbanks Morse and ALCO brand names, which are used primarily in marine and power generation applications.

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